HM Treasury’s review into FinTech is set to release a “big bang” strategy for boosting FinTech in the UK.
The review is being led by former WorldPay CEO Ron Kalifa.
The report is set to come out on Friday.
It will announce 10 “clusters” around the country to act as innovation hubs.
What does this mean?
The purpose of the clusters is to ensure that the industry is not overly focused on London and instead spreads opportunities throughout the UK. This will mean that funding can be gained from local enterprise partnerships and jobs will be created.